A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

Supply trends upwards but market still favours the seller while the market slows ever so slightly.

City of Calgary, July 2, 2021 –


Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month. 


“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie. 


“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”


New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by...

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Inventory rises, but sellers' market conditions persist

City of Calgary, June 1, 2021 —


With 2,989 sales, housing market activity hit a new May record for the number of sales.


Despite strong levels of sales, they did trend down relative to last month. Additionally, there were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month.


"The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation," said CREB® chief economist Ann-Marie Lurie.


"However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising [slighly], but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs."


The months of supply did trend up slightly this month to just over two months [an...

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On June 1st, The Bank of Canada will be changing the rules on the mortgage stress test for homebuyers. 

What does this mean for you?

It may change how much you can afford when buying a home. The mortgage stress test is what the Bank of Canada looks at to determine if homebuyers will be able to continue making their mortgage payments, should the rates go up. Although you will receive a lower rate from your lender, the Bank of Canada will ensure that you qualify at their higher posted rate. 

Upcoming changes to stress test qualifications will effect both insured (less than 20% down payment) and uninsured (more than 20% down payment) mortgages.

For Insured Mortgages (less than 20% down payment):

  • Must qualify using either the Bank of Canada five-year benchmark rate, or the rate offered by your lender (without adding the extra 2%) – whichever is higher
  • Minimum qualifying rate will be the greater of the contracted rate plus 2% or 5.25%

For Uninsured Mortgages (down payment of 20%...

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Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval.


But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the documentation before you transition from pre-approved to approved.


Buyers often do not appreciate there is still some uncertainty when it comes to their mortgage. Unfortunately, once in a while this uncertainty bites back – with calamitous consequences.

Going in Without Conditions in a Hot Market

Not that long ago, when housing supply equalled or exceeded demand, the buyer would insert a clause requesting five business days (usually) to arrange mortgage financing – this is called a “condition of financing.” Even one or two days can make a world of difference.


These days across much of Canada, residential real estate is such a hot commodity it’s more...

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February 2021: Sellers’ market leads to rising prices.

With gains in every price range, residential sales activity in February totalled 1,836 units. This reflects the best February since 2014.


Sales activity improved across all product types and across all price ranges.


“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.


“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”


New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.


Read the full report on the CREB Now website.




The following data is a...

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January 2021: sales activity signals strong start to the year

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


Read the full report on the CREB Now website.




The following data is a comparison between January 2021 and January 2020 numbers, and is current as of February 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.

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Located in the most highly sought after building adjacent to the University of Calgary!

LARGE Studio condo + titled, underground parking + titled storage unit:

  • ~600 square feet (approximate RMS interior measurement)
  • 1-bedroom apartment condo (studio)
  • 4-piece bathroom
  • large closet space in bedroom
  • in-suite, full-sized, stacked washer + dryer
  • 2nd floor on the quiet side of the building
  • covered balcony space with gas BBQ hookup
  • titled, underground parking
  • titled, underground storage unit
  • located in a quiet, exceptionally well-maintained, 150-unit building — "3111 Varsity"
  • across the street from the University of Calgary
  • close to TWO C-Train stations
  • close to shopping
  • easy access to downtown Calgary
  • ideal for an student, grad student, researcher or urban worker

Scheduled to hit the Alberta MLS® market February 10th, 2021.


Call, text or email for photos, floor plan and list price!

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Located in the most highly sought after building adjacent to the University of Calgary!

LARGE 1-bedroom + DEN condo + titled, underground parking + titled storage unit:

  • 760 square feet (approximate RMS interior measurement)
  • 1-bedroom apartment condo
  • 4-piece, ensuite bathroom with cheater door
  • large closets
  • in-suite, full-sized, stacked washer + dryer
  • spacious den (or small second bedroom)
  • 3rd floor with southern exposure
  • large, covered balcony space with gas BBQ hookup
  • titled, underground parking
  • titled, underground storage unit
  • located in a quiet, exceptionally well-maintained, 150-unit building — "3111 Varsity"
  • across the street from the University of Calgary
  • close to TWO C-Train stations
  • close to shopping
  • easy access to downtown Calgary
  • ideal for an out-of-town student, grad student, researcher, urban worker or couple

Scheduled to hit the Alberta MLS® market February 4th, 2021.


Call, text or email for photos, floor plan and list price!

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City of Calgary, February 1, 2021

The number of January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.


Benchmark prices remained at levels relatively consistent with prices recorded at the end...

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We had a rather lively discussion on a private Facebook group this week regarding the number of active monitoring devices Realtors are seeing in homes when we are showing homes these days. It used to be that we would see the occasional baby monitor in odd locations in a home. Then, we saw laptop computers left open or desktop computers with their "camera on" lights covered up (but not the cameras).


Now, it seems that monitoring devices are probably more common than not. They come in all forms: security systems, smoke detectors, light switches, audio and television systems. These are all great appliances to monitor your home and for convenience. However, when you have your home on the market and you have thereby asked that a Realtor and their clients visit your home wit you not present, it is actually quite illegal for you to be monitoring their discussions!


In one example, one Realtor had stated that after a weekend of showings, the seller and Realtor had agreed to have a price reduction...

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With individual agents, homebuyers and sellers have a direct connection with a highly-skilled expert

[reposted WITH permission of the original Calgary author]


I saw a social media post recently by our local ‘mega-agent’ entitled: “Breaking News: Individual Real Estate agents added to Endangered Professions List!”


This post compares the individual real estate agent to “a tennis player using a wooden racket” or “a football player with a leather helmet.” The individual agent is on life support, it exclaims.


Total nonsense. Here’s an entirely different perspective.


The individual agent


‘Indy Bob’ is classified as an individual real estate agent only because he doesn’t have other licensed agents on his team. And yet, Bob has surrounded himself with a top-notch team of highly-skilled professional photographers, staging experts, graphic designers and other specialists.


Bob takes a huge amount of pride in the presentation and...

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INFOGRAPHICS: December 2020 CREB City And Region Market Reports

December 2020: Amidst economic challenges, housing market ends 2020 on a high note

With December SALES of 1,199, this is the highest December total since 2007.


“Housing demand over the second half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring,” said CREB® chief economist Ann-Marie Lurie.


“Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year.”


Attractive interest rates, along with prices that remain lower than several years ago, have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remains well below long-term averages.


Read the full report on the CREB Now website!




The following data is a comparison between December 2019 and December 2020 numbers, and is current...

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Updated 2021-01-15


A Condominum Document Review is one of the many standard conditions that can be entered on an offer to purchase for Alberta real estate. This condition is inserted to protect the buyer's interests when buying property with condominium ownership. In many cases reviewing the condominium documents is far more important than even doing a home inspection with a licensed property inspector. There are dozens of documents to review: audited and unaudited financial statements, operating budgets, board meetings, engineer reports, a survey(s), 25-year cash-flow projections, owner's obligations, restrictions, by-laws, rules and policies. There are just so many important and costly things that can be hidden in those documents relating to the condominium corporation that you're getting involved in and how well it is being run. In buying a unit in a condominium corporation, you become an partial owner of that corporation. The condominium corporation is a not-for-profit corporation which...

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INFOGRAPHICS: November 2020 CREB City And Region Market Reports


Sales activity remains strong in November.


For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.


Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over 3% lower than last year’s levels.


New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly 10% and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.


Read the full report on the CREB Now website!




The following data is a comparison between November 2019 and November 2020 numbers, and is current as of December 2020.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.

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As of this Friday, province-wide, licensed real estate agents and unlicensed sales agents (employees of builders and real estate developers) return to operating "By Appointment Only."


Most Realtors are already operating in this fashion throughout the pandemic as has been the recommendation of our national trade association, but as of the new restrictions, we are once again given clear direction from the provincial legislature to which we must comply.


What this means for real estate is pretty simple: Realtors can no longer use OPEN HOUSES as a prospecting method.


OPEN HOUSES had fallen out of favour a few decades ago, but with the advent of 3D virtual tours they are a rarity as there is no longer a need for sellers to vacate their properties for hours on end every weekend and for their agents (or a subcontractor) to sit in the homes to get prospects to view them. Open houses have been an extremely poor way of getting someone to buy a home: a recent real estate statistic is that less than...

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New on the market today!



Impressive EXECUTIVE CONDO! Opportunity awaits you in the highly sought-after 3111 VARSITY in this well-established Calgary neighbourhood. This 3rd-floor, 1-bedroom, 1-bath condo has it all: It's MOVE-IN READY + IMMACULATELY MAINTAINED + QUALITY FINISHES + AFFORDABLE CONDO FEES: It's ideal for a working professional or university student with close access to the University & Research Park, Foothills & Alberta Children's Hospitals, Brentwood & Market Malls and only minutes to SAIT or downtown via either University or Brentwood LRT stations. Only a 5-minute walk to the University of Calgary. Open-concept kitchen with stunning features: gorgeous maple cabinetry, sleek black kitchen appliance package including a BOSCH dishwasher, built-in oven + cooktop, Whirlpool fridge + built-in microwave with hood fan, a raised eating bar with pendant lighting that opens to the great room with a sunny, southern exposure ensuring plenty of light throughout. This unit overlooks...

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The spread of COVID-19 has affected almost every aspect of our lives. Communities have shown themselves to be resilient, however, and so too have real estate professionals. Responding to the challenge imposed by the pandemic to continue to serve their clients in a safe, responsible manner, agents have incorporated streaming video technology to offer showings while adhering to social distancing best practices.


While many real estate professionals include a very in-depth, 3D virtual tour with every listing they post on the MLS, you may wonder if they have missed something in their tour. Either due to limited space or intentionally. Both of these are valid concerns. You can overcome both of these concerns with a quick personal tour of the home with your own real estate professional.


However, in light of today's concerns, you may not wish to visit 10 or 12 homes in person and only wish to see the TOP 3. No problem – a solution is a VIRTUAL SHOWING. To request a virtual showing contact...

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.